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CLSA Investor Presentation BREWING A SUCCESS IN INDIA

Disclaimer This investor presentation has been prepared by United Breweries Limited (“UBL”) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of UBL, its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as „will‟, „expected to‟, „strong growth prospects‟, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. UBL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of UBL.

INDIA AND THE BEER OPPORTUNITY

Demographics set for beer growth  Current population 1.2 billion  Core target market is 18-30 year olds  Young population, with net increase in working age population of 270 mln till 2030  The emerging young population hold more liberal views on alcohol  As initiation to alcohol consumption is through low alcohol beverages like beer

But beer consumption very low India Emerging Markets Per Capita Beer Consumption at 1.5 liter 20 liter comparable GDP <0.5% Wine 5% Share of alcohol consumption 78% Spirits 8% 22% Beer 87%

Two key reasons AFFORDABILITY AVAILABILITY  Highest duty in the  65,000 licensed world outlets across the country  Duty not set according to alcohol  1 per 18,000 people content  In China: 1 per 300  Expensive alcoholic people beverage Beer is not the alcoholic beverage of the common man

A highly regulated market  Excessive State regulation and intervention • Route to market • Economics, need to have a brewery in each state • Pricing  Driver of growth is Strong beer • Specific to Indian market  Ban on advertising alcohol • Difficult to build new brands

Positive signs on the horizon  Government corporations are now approachable and not averse to make changes  There have been recent signs by some governing bodies to de-link beer from spirits  Maharashtra & Goa have gone ahead and issued beer only licences.

Indian Beer market is at the start of the growth curve Lowest consumption of BRIC countries GDP growth will drive consumption Per Capita Beer Consumption Per Capita Consumption vs. GDP Growth 120 120 Chile Mexico 98 100 100 PCC in Liters PCC in Liters Russia 86 Brazil 80 80 Argentina 60 60 Colombia 37 Thailand 40 40 Philippines Vietnam China Kenya 20 20 Nigeria 2 India 0 0 India China Brazil Russia $0 $5,000 $10,000 $15,000 $20,000 GDP per Capita (in USD, PPP)

OUR POSITION IN THE MARKET

UBL’s leadership is undisputed All-India Market Share Market share by Brand Kingfisher UBL 37% 51% Nearest Nearest Competitor Competitor 25% 13% RMS: RMS: 2x 3x  Strong market position will continue to drive economies of scale and superior returns

UBL’s Capability  Iconic brand – KINGFISHER  Balanced portfolio of supporting brands  Manufacturing network across all major states  Best Route to Market • Established distributor relationships • Leadership in cold chain management, and point of sale visibility

UBL is reaping the benefits: 100 million landmark reach in FY10 Doubled in size every 4-5 years Driven by Kingfisher Strong Total Volumes in 7.8l cases Kingfisher Strong Volumes in 7.8l cases 120 60 100 50 80 2x 40 3x 4x 60 30 12x 40 20 20 10 - - 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 (E) (E)

UBL significantly outperformed the market in FY10 All India Market share of over 50%  Share gains across almost all Change in market share FY10 markets  UBL achieved double the growth of the market in the year 2009-10, even when already holding 50% market share  Both Kingfisher Premium and Kingfisher Strong are the leaders in their segment  Launches of strong variants in the economy segment (like London Pilsner Strong) have been hugely successful Gain Loss Unchanged

RESULTS H1 FY2011

Performance highlights H1  28% volume growth in UBL as against an industry growth of 24%  Mild beer segment back on the increase  Kingfisher growth - premium 22%, strong 40%, both gaining share  Star performing markets were Maharashtra, Andhra Pradesh, Karnataka, Uttar Pradesh and Orissa  UBL achieved sales of over 10 million cases for five consecutive months

Financial highlights H1 Strong top line growth, and realising operating leverage H1 2011 H1 2010 Change In Rs. million Revenue 15,993 12,156 32% EBITDA 2,446 1,436 70% Operating Margin 15.3% 11.8% 29% Net Profit 981 472 108%  Revenue growth higher than volume growth through selective price increases and higher contribution SKUs.  Significant investment in patented bottle pool  Fixed cost containment and working capital optimisation delivered enhanced margins Net profit already exceeds last full year‟s profit 

Financial highlights H1 Cash flow profile and financial strength have improved significantly H1 2011 H1 2010 Change In Rs. Million Net Working Capital 3,356 3,871 -13% Capex 533 706 -25% Net Debt 8,974 10,272 -13% Net Debt/EBITDA 2.6x 3.9x -34% Working Capital reduction program started few months ago and already  yielded 30% days reduction. In light of 32% revenue growth, up to Rs 1.6 bln of funds tied up in WC has been avoided. Strong focus on cash generation has significantly brought down debt. 

Unifying our operations Merging all subsidaries into UBL Simple Corporate Structure  Promoter Group collapsing multiple legal entities Public UB Group Heineken to get unified ownership in one single entity 25.0% 37.5% 37.5% Optimised cash flows  UBL reduction in overall effective tax rate 100% ABDL Realize Synergies  MAPL Group 40% Operational efficiencies in 10% 50% MAPL running combined operations Enhanced financial strength  100% 100% 89% UMBL Empee MBIL with 15m new shares issue Consolidation of all installed  capacity within UBL Note: Ownership pattern depicted represents voting equity ownership

In Summary…  Indian Beer market growth opportunity unparalleled in the world  UBL is excellently positioned to reap the benefits  Enhanced cash flow profile should deliver strong profit growth

QUESTIONS PLEASE…